Can an Insurance Broker Save Me Money?

“Can an insurance broker save me money?” It’s a question on the mind of many New Yorkers as people look for ways to save money however they can. The good news is an insurance broker can help you save money. 

Let’s talk about how insurance brokers can save you money in New York, and other ways you can get yourself a deal. 

How can an insurance broker save me money?

Before we get into specifics, you need to know that everyone’s insurance is different. You can’t look at your neighbor’s policy and compare it apples to apples. There are too many factors in place. 

The best thing you can do is speak with an insurance broker to understand your unique factors. 

Do you have questions about your New York insurance policy or coverage and what you pay for it? Contact HCP any time so we can help.

Explore different kinds of insurance coverage

One of the most effective ways an insurance broker can save you money is by exploring different types of coverage and carriers to land on the best policy for your particular situation. 

An insurance broker has access to a wide variety of insurance products. This allows them to compare plans to determine which insurance policy offers the best value for your circumstances.

Don’t expect to be able to do this on your own with the help of a few blogs. This can be tricky if you’re not well-versed in all things insurance. You could fix your car too if you really wanted, but would you? 

An insurance broker is so helpful – they can do the heavy lifting for you, allowing you to relax knowing your coverage is tailored to your needs and at the lowest possible price.

Negotiating with insurance companies

Another way an insurance broker can save you money is by negotiating directly with insurance companies. Insurance brokers have extensive experience in this area and often know how to finesse a better rate from the company – something that would be difficult (if not impossible) for individuals on their own.

Keeping track of changing laws

New York insurance laws, including those surrounding EPLI coverage and workers’ compensation, will change. An insurance broker stays on top of those changes and knows how to adjust your policy to meet your needs of the new regulations.

For example, a bill was introduced in March 2023 to expand workers’ compensation mental injury benefits to all New York workers suffering from extraordinary stress. Your insurance broker will know this bill and other changes, allowing them to adjust your coverage accordingly. 

Understanding the claims process

The insurance process can be confusing, particularly when filing an insurance claim or changing existing policy documents. A New York insurance broker can help you better understand the claims process from start to finish so you don’t make costly mistakes and pay your claims promptly. 

Being a liaison between customers and insurers

Finally, an insurance broker connects you and the insurer, ensuring both parties are happy with the agreement. This is vital because having a good relationship with your insurer encourages them to provide more competitive rates in the future. Plus, they may even send you discounts on occasion!

7 ways your broker will try to save you money on your insurance 

While this ultimately depends on the type of insurance you have (and other factors), there are all kinds of ways to save money on insurance in New York with your broker’s help.

Ask about bundling discounts

When clients have two or more policies with the same company, they often qualify for a bundling discount.

Look into discounts for safety features

Insurers sometimes offer discounts on plans with safety features like smoke detectors or deadbolt locks. Ask your insurer which safety features make you eligible for a discount.

Increasing your deductible

Raising your deductible is another way to lower insurance premiums if you can afford it. However, this isn’t always the right move, so consider your personal circumstances and speak to your insurance broker about it first.

Take advantage of loyalty discounts

Many insurers offer loyalty discounts for clients who stick with them. Your insurance broker can tell you whether or not this option is available and how much money you can save by taking advantage of it.

Shop around for the best rates

Another key step you can take when looking for a policy is shopping around for the best rates. This way, you know you’ll get an impressive deal on your policy and that your premium is as low as possible.

However, weighing the coverage against the price is always smart. Sure, one policy may be cheaper than the other. But if it doesn’t give you the coverage you need, it can come at an entirely different cost.

Check out group discounts

Group discounts are available to people who belong to specific organizations or associations, so check in with them and any employer-sponsored programs that may be available.

Re-evaluate coverage regularly

Lastly, it’s crucial to re-evaluate your coverage when things in your life change. This is because insurance needs to adapt over time, and what was the best policy for you when you first bought it may no longer be so now. 

Again, your insurance broker can guide you through finding a new policy that fits your current needs.

Finding an insurance policy with the coverage you need at a competitive rate doesn’t have to be overwhelming or intimidating. Working with an experienced New York insurance broker who understands local laws, regulations, and policies will ensure you get the best deal possible.

At HCP Insurance, we’re here to help you make the most of your coverage and keep your insurance premiums as low as possible. So contact us today to get started!

More articles:

What is an Insurance Broker?

Everything to know about New York insurance brokers: what an insurance broker does, different types, and advantages of working with one.

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